Is capital goods a good career path? We take a closer look at capital goods as a career path.
It can be difficult to determine what the best career path is for you. There are so many options available, that it can be hard to know where to start. If you’re considering a career in capital goods, this article is for you! In this post, we will discuss what a career in capital goods entails, and whether or not it is the right fit for you. We’ll also provide some tips on how to get started if you decide that this is the right path for you!
A career in capital goods can be very rewarding. Capital goods are essential for the economy to function properly. They help businesses produce the products and services that we all rely on. Without them, our lives would be very different! If you’re interested in a career that is essential to the economy, then have a look at 11 of the best paying jobs in capital goods.
What Are Capital Goods?
The phrase “capital goods” refers to any tangible assets that are utilized by a business throughout the manufacturing process to develop products and services that will afterward be consumed by customers. This process results in the production of goods and services that are then consumed by consumers.
Several distinct categories of capital goods are denoted by the nouns “buildings,” “machines,” “equipment,” “vehicles,” and “tools,” respectively. Completed items are not considered capital goods; rather, capital goods are the raw materials that are used in the production of finished goods.
Is Capital Goods A Good Career Path?
Without a shadow of a doubt! Because the capital goods business is so exciting, young professionals who are interested in further developing their skills and staying current in their field while still having the potential to earn earnings that may sustain them might want to explore working in this sector. You have a lot of wonderful options to pick from if you want to locate one of the jobs in the capital goods industry that pays one of the finest salaries.
Companies such as Union Pacific, General Electric, Honeywell International, Lockheed Martin, United Rentals Inc., and Boeing all provide their employees with the opportunity to further their careers in an international setting. These firms also offer a variety of perks to their employees, including retirement plans, insurance for eyesight and eyes, tuition reimbursement, paid time off, medical insurance, dental insurance, and vision insurance.
The vast majority of businesses operating in the market for capital goods provide a great deal of attention to ensuring the well-being and contentment of their personnel. As a direct result of this, working in the Capital Goods industry is considered to be an outstanding career choice for younger people in the year 2022.
The organizations give their employees a variety of benefits and perks, some of which are detailed here. The organizations provide their employees with a number of advantages and perks. These advantages and incentives include retirement plans for employees, health and insurance coverage, well-equipped gyms, and fitness training programs for staff.
Why A Career In Capital Goods Is A Great Path
Anyone interested in pursuing a career in engineering, manufacturing, or even business might benefit from the opportunities provided by the capital goods industry.
Advantages Of Pursuing A Profession In The Field Of Capital Goods
1. The capital goods industry is vital to the economy
The machinery, tools, and buildings that are referred to as “capital goods” are the essential elements in the production of all other types of commodities and services.
Businesses would be unable to function properly in the absence of capital goods. As a direct consequence of this, the manufacture of capital goods plays an essential part in the maintenance of the economy.
2. The capital goods industry is growing
It is anticipated that there will be an increase in demand for capital goods as a result of the imminent expansion of the global economy. Those individuals who are interested in entering this field or advancing their careers will find this to be an excellent opportunity.
Learning about economics through a profession in the capital goods industry is a fantastic opportunity. Working in the industry of capital goods, as was noted before, may bring unique insights into the functioning of the economy. This knowledge may be utilized in other facets of the economy, such as real estate or stock markets.
3. The capital goods industry offers good job security
There will never be a time when demand for these products is not present since companies cannot run without capital goods. Those who are employed in the industry of capital goods should anticipate a high level of job security as a result of this demand.
4. The capital goods industry offers good wages
Because of the nature of the work and the level of expertise required, employment in the Capital Goods industry is often among the highest paying jobs available. Because of this, working in the field of capital goods can result in a satisfying income and a high level of living.
What Education And Certifications Are Required For A Career In Capital Goods?
A minimum of a bachelor’s degree in business, economics, or an area closely linked to these subjects is required to pursue a career in the capital goods industry. In addition, qualification from the American Institute of Certified Public Accountants is typically required for many employment (AICPA).
In addition, the majority of firms favour applicants who have previous experience working in investment banking and financial analysis. The word “capital goods” refers to an extremely diverse variety of products and services, including those provided by the building, transportation, and industrial sectors.
As a direct consequence of this, there is a wide variety of employment opportunities accessible in this sector. Positions such as financial analyst, investment banker, and sales manager are examples of some prevalent careers. The majority of occupations in this industry need candidates to have at least a bachelor’s degree, even if the particular educational background and certification needs vary from one position to the next.
Many positions also require certification from the American Institute of Certified Public Accountants (AICPA). A background in financial analysis as well as investment banking is beneficial for many of the roles available in this industry.
11 Of The Best Paying Jobs In Capital Goods
1. Engineering Managers
Engineering manager positions are routinely regarded as among the highest paying occupations in the capital goods industry, which includes the consumer durables and capital goods industries. An organization’s engineering manager is tasked with the major duties of planning, directing, and coordinating the many different engineering projects that are carried out inside the company.
If a position in the manufacturing of capital goods has always been your dream employment, then you need to start getting ready for the entry-level requirements as soon as possible.
Because of the high level of competition for the position, prospective applicants must hold degrees in engineering and have a significant amount of experience working in the sector that is related to the job.
The following is a list of tasks that fall under the purview of an Engineering Manager:
The designing, putting into action and perfecting of procedures for the invention, testing, and manufacturing of items takes place here.
Responsible for managing personnel and delegating duties to members of the engineering and technical staff
Assists groups in coming up with inventive new goods, solutions, and procedures under the direction of the team leaders.
oversees both the distribution of resources and the management of the project’s logistical aspects.
As of the 27th of May, 2022, the average compensation for the position of Engineering Manager in the United States was $139,105, making it one of the highest paying positions in the capital goods industry.
2. Manufacturing Engineer
Ranking number two on our list of the best paying jobs in capital goods is a manufacturing engineer. This is a group of engineers who work in the manufacturing industry, and their primary task is to guarantee that the operations and processes involved in the creation of the products run as smoothly as possible.
The role of Manufacturing Engineer calls for a specific set of skills and certifications, including the following:
- Capability to perform successfully in adverse conditions.
- Leadership skills.
- Teamwork skills.
- Problem-solving capabilities.
- Competence in the use of information technology.
- Awareness of the commercial market
- Excellent communication abilities.
- Familiarity with various pieces of equipment for purposes like installation and repair.
The average salary for Manufacturing Engineers as reported by Payscale is $72,526/year.
3. Senior Mechanical Engineer
This position is among those in the manufacturing of capital goods that offer the highest compensation. Having roughly ten years of experience, on the other hand, is required of a candidate in order for them to be able to function adequately in this field and get employment in it.
In the field of mechanical engineering, the tasks of a senior mechanical engineer include the conception, design, building, testing, and inspection of mechanical devices and systems. Other responsibilities include overseeing the work of junior mechanical engineers.
Machines, tools, and engines are all examples of this category. Mechanical engineering is such a broad field that its practitioners may find work in a wide number of industries, where they are accountable for the design of a wide variety of products. This is because mechanical engineering is such a big science.
In the industry of capital goods, senior mechanical engineers typically earn an annual salary of $110,329, on average.
In some circumstances, the yearly compensation of a senior mechanical engineer might be significantly higher than $200,000. Careers in the domains of mechanical and electrical engineering are routinely listed among the highest-paying jobs available anywhere in the globe.
4. Electrical Engineer
Electrical engineers are the professionals that are accountable for the design, development, and testing of electrical equipment, in addition to the supervision of its construction. Electric motors, radar and navigation systems, communication systems, and power generation equipment are a few examples of the several types of equipment that fall under this category.
In addition to that, they take part in the process of designing the electrical systems that are implemented in automobiles and airplanes. It is generally accepted that an annual salary of $78,206 is enough compensation for electrical engineers.
However, in some circumstances, the yearly ceiling might reach more than $200,000, making this one of the occupations with the highest compensation in the capital goods industry. Jobs in electrical engineering are frequently recognized as some of the most lucrative employment opportunities accessible, and the industry of capital goods is one in which you may locate opportunities similar to this one.
5. Quality Control Manager
The tasks of a quality control manager include supervising staff and monitoring the procedures used in product development. This is done to ensure that final items meet the needed degree of quality as well as the standards for productivity.
Additionally, it is the responsibility of the quality control manager to collaborate closely with clients in order to ascertain whether or not the finished products satisfy their requirements. It is one of the positions in the capital goods industry that offers the highest income, with an average annual salary of $72,175 in the United States. This makes the position of quality control manager one of the top paid professions in the industry.
6. Industrial Designer
Industrial designers are the persons who are in charge of generating the concepts for created products such as vehicles, home appliances, toys, and other things of this kind. Some examples of these types of things include: They do this by blending art, commerce, and engineering into one production process, which results in the creation of things that are aesthetically pleasing to consumers.
In order to be successful in this position relating to capital goods, you will need to acquire a degree in industrial design from a university that has been granted accreditation in addition to a number of years of work experience that is relevant to the position.
The regular earning range for an industrial designer in the United States is between $55,405 and $69,351 as of the 27th of May, 2022, with the average compensation coming in at $61,445 per year. As of this date, the median wage is $61,445 per year.
A person’s level of education, certifications, additional talents, and length of time spent working in their field are just a few of the important factors that can have a significant impact on the salary ranges they can expect to receive. Other factors include the length of time they have spent working in their field.
7. Research And Development Manager
The position of research and development manager is consistently ranked among the highest paying positions in the capital goods industry. Their major responsibility is to oversee and lead the research and development (RD) activities in order to fulfill the needs of the firm while also maximizing the potential of any new products that may be developed in the future. Additionally, they develop new RD methods and techniques and put such methods and procedures into use.
The typical salary range for a Research and Development Manager in the United States is between $127,242 and $167,844 as of May 27, 2022; however, the typical annual salary for this profession is $146,091 a year.
8. Sales Engineer
Companies that deal in capital goods frequently have sales engineers on staff. These sales engineers specialize in the marketing and sale of products that are scientifically and technologically advanced.
Because of the technical expertise they possess, sales engineers are able to demonstrate to prospective customers why their company’s products and services are superior to those offered by competing businesses and to discuss the benefits of the products or services that their own company provides. Additionally, sales engineers are able to discuss the advantages of the products or services that their own company offers.
It is one of the positions that pay the highest in the capital goods industry to sales engineers since the typical annual salary for sales engineers is estimated to be $74,690.
9. Marketing Manager
The position of marketing manager is consistently ranked among the highest paying positions in the capital goods industry. They are accountable for the strategy, implementation, and execution of strategic marketing programs for firms that deal in capital goods. The goal of these programs is to bring in new consumers and maintain the ones they already have. This is done in an effort to increase income as much as possible.
In addition to their numerous years of experience working in the sector, they frequently possess a degree in marketing or another field that is closely related to marketing. The regular compensation range for a marketing manager in the United States is between $98,161 and $128,433, with the average income coming in at $111,898. As of the 27th of May, 2022, the maximum salary for a marketing manager in the United States is $128,433.
10. Business Development Manager
In a typical capital goods company, the job responsibilities of business development managers include planning, leading, and coordinating activities related to business growth.
Responsibilities include:
- Establishing objectives and making plans for the expansion of the firm and its income.
- doing research, making plans, and putting new efforts for target markets into action.
- doing research on potential customers in the target markets
- Conducting follow-ups with leads and advancing them through the sales process.
Business Development Manager is considered one of the best paying jobs in capital goods, with a typical annual income of $75,570, according to Payscale.com.
11. Software Developer
Jobs in technology, such as those for software developers, are essential to the operation of businesses that deal in capital goods. A software developer is considered to be one of the best paying jobs in capital goods. Tasks entail designing applications and programs for computers that improve the effectiveness of the company’s operations. Despite the fact that they are not directly involved in the production elements, they assist businesses in the capital goods industry in remaining successful.
The average salary for a software engineer is $93,920 per year in the United States and a $5,000 cash bonus per year.35.7k salaries reported, updated on June 12, 2022.
Conclusion
There are many different types of jobs available in the capital goods industry. You could work in production, design, sales, marketing, or even management! There are plenty of opportunities available for those who are willing to look for them. The most important thing is to find a job that you’re passionate about.
The capital goods industry is growing rapidly, and there are many opportunities available for those who are willing to seize them. If you’re looking for a stable career with plenty of room for growth, then this is the perfect option for you! With so many different types of jobs available, there’s sure to be something that’s perfect for you.